Socgen cash unlocks Kow's Holiday Inn buy

Financial Times

Société Genéralé is continuing its run of hotel financings by providing £260m to Jason Kow’s Queensgate for its purchase of the Holiday Inn Kensington Forum. The bank extended the three-year facility, at a 65% LTV ratio, for the £400m purchase of the prime asset from Apollo. The hotel was spun out of a broader £1bn portfolio sold by a joint venture between Lehman Brothers, GIC and Realstar. Société Genéralé also provided Apollo with its £400m funding for the balance of that portfolio in a deal that the bank is now syndicating. The French bank also provided £150m in July in finance a similar Holiday Inn portfolio purchase by Cerberus.